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  3. nittany company uses a periodic inventory system.

Nittany Company uses a periodic inventory system. At the end of the annual accounting period,...

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Accounting

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1:

Units Unit Cost
Inventory, December 31, prior year 1,860 $ 5
For the current year:
Purchase, March 21 5,080 7
Purchase, August 1 2,940 8
Inventory, December 31, current year 4,050

Required:

Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.

Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.

Ending inventory - Fifo - Lifo - average cost

Cost of goods sold - Fifo - Lifo - average cost

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